In retrospect, this century’s depression, will probably be declared to have begun, in March of this year with the banking crisis. However, due to the FED’s brilliant plan (probably the only time I have used that adjective to describe anything the FED has done) to take on all the banks’ underwater triple A securities at 100 cents on the dollar, the real effect on the economy hasn’t yet been felt by most. That realization is about to play out first, with the stock market collapse that is now just beginning, and in a few months when the holiday retail season, ends up as a total bust. I would say that by the time the New Year rolls around, just about everyone will realize how bad things really are. It will likely become, even much worse than that!